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Notes Online Home 2014 Tax Schools Day 2 What's new for business in 2014
Landmark ruling highlights CGT jolt for taxpayers moving from cash to accruals
In this section of the notes we discuss the landmark ruling highlights in regards to CGT and taxpayers moving from cash to accruals. In particular the following topics:
- Changing the method of recognising income
- ATO confirms that taxpayers moving from cash to accruals may be subject to CGT on debtors!
- The capital gain can be reduced by any CGT concessions